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UPDATE 1-Premier Oil cuts 2009 production guidance
November 19, 2009 / 7:52 AM / 8 years ago

UPDATE 1-Premier Oil cuts 2009 production guidance

* Cuts target on lost output at Kakap, maintenance in UK

* FY output expected to average 43,000-45,000 boepd

* On track to meet medium-term target of 75,000 boepd

(Adds details)

LONDON, Nov 19 (Reuters) - Oil explorer Premier Oil Plc (PMO.L) cut its production guidance for 2009 following a temporary loss of output at the Kakap field in Indonesia and maintenance work at its UK producing fields.

Production for the full year is expected to average 43,000-45,000 barrels of oil equivalent per day (boepd), down from the 46,000 boepd it forecast in August. It produced an average of 36,500 boepd in 2008.

However, the group said on Thursday it is on track to meet its medium-term average production target of 75,000 boepd, helped by significant output increases in 2011 and 2012.

Daily production averaged 39,700 boepd in the first half of the year, up 4 percent on the same period in 2008.

In March, Premier agreed to buy the North Sea unit of troubled Canadian oil producer Oilexco. [ID:nLP108908]

Reporting by Julie Crust; editing by Matt Scuffham

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